Monday Monday

Markets forged ahead Monday, but the lack of volume did not reassure that the big money players were convinced of any rally attempt. In fact the Nasdaq volume was one of the softest of the year. The index itself remains well below its 50 day MA, while the S&P 500 closed just below it. Many individual names reclaimed their 50 day MAs, but a big boost would take place if one of the major indexes can reclaim that MA, on healthy volume. Energy was strong today as airstrikes on Libya will crimp oil supplies. Markets also received some strength on the back of AT&Ts takeover of T-Mobile. CAT CSX hit all time highs on Monday. TIF jumped over 5% on good earnings. Indexes did manage to close on their highs after a nice pop on the open. Lets see if it can follow through tomorrow. A move and close above 1310 on the S&P would be welcoming indeed. Not much on the economic front tomorrow and WAG CCL report before the open ans JBL ADBE report after the close.

With the market still in correction, it is prudent to build a watch list with potential buy spots. The market can follow through at anytime. A move above 1310 as we mentioned previously on the S&P would make these buy spots less risky and more likely to succeed. Flat bases are DHR 52.31, ROK 91.36, BHI 72.00, PLCM 50.97, PPG 90.44, INFA 49.86. Cup with handles are MRO 52.89, URI 33.73, WY 25.43, ARW 43.00, CBS 24.85. Cup base is CPX 32.82 and TPX in a 3 week tight pattern at 49.97. RES broke out today of a 21.67 cup with handle buy point.

Stocks near 50 day support are MMC 29, NCR 18.10, ARBA 28.90, TER 17, KKR 16.25, BWA 73.25, ALTR 40.10, GSM 20.50, DHR 49.25, DOV 63.25, JOYG 92, CAM 56.50, CHK 31.10, COP 73.25, HAL 44.10, MDR 22.50, NOV 78.10, PBR 38.10, PXD 96, CLR 64, VLO 27, EXXI 30.95, DKS 37.30, EMC 25.90, RAX 36, YUM 49.95, EMN 93, LYB 37.25, INTU 49.50, TIBX 23.55, WLP 65.10. Stocks that found 50 day support Monday were PAG KLAC SPN OIS RL NFLX PCLN APKT VSEA TJX. Stocks that can be purchased if they can reclaim their 50 day MAs and their buy stop spots are SOA 24, BLL 36, LRCX 53.50, ATI 64.25, MT 36.50, RS 54.50, HES 82.75, RIG 80.80, AA 16.80, FWLT 37, ETN 53.60, LOGI 19.20, SQM 54.40, JWN 43.60, WYNN 123, ABV 27.60, LEN 20.30, ADSK 41.60, BMC 49.50, CHRW 75.50, TTMI 17.25, ASML 42.30, WBC 60, TTM 26.

Stocks near 200 day support are MSCC 19.40, BRCM 39.20, F 14.30, LLTC 32.25, WFT 19, VALE 31.10, LDK 10, SCCO 39, CCL 39.60, ROVI 51.50, EXPD 47.50. BEAV 33.15. 200 day support was provided for RHT CRM Monday. CCJ NTAP SNDK all found 200 day resistance today. Stocks that can be shorted at their 200 day MA are MIPS 10.70, PVH 58, MCD 74.60, INFY 66.20, FNSR 23. LVS can be bought thru its 200 day MA at 39.25.

Stocks looking weak Monday and demonstrating relative weakness Monday on a good tape were TCK LDK NKE NTAP ADTN. Stocks that found 50 day resistance Monday were RVBD JNPR RTN PETM AMP AMTD IBM ADSK UPS XLNX ASML. Stocks that can be shorted at their 50 day MAs are ALV 76, TRW 58, ADI 39.25, ATML 14, CAVM 42, CY 21.05, MCHP 36.95, SWKS 33.20, SPRD 21, TXN 34.90, MTL 31, JBL 20.95, ATU 28.10, BHP 92, FCX 54, SWC 23, EMR 59.25, DECK 82, AAPL 347, AGCO 53, COST 73, EBAY 31.75, CE 42, PMTC 23, FDX 92, LAZ 43.10, RIMM 64, QCOM 55, CRUS 22. Stocks that can be shorted under their 50 day MAs and the sell stop spots are A 43, JCI 40, ROST 68, VRSN 34.75, ADTN 43.50.

UA NKE a good example of opportunities that arise when certain stocks are affected by another bad news. UA found good 50 day support Friday after NKE bad earnings. UA rallied 3.5% further today while NKE fell again on a good tape.

Good luck.

The author owns FCX. If FCX can not take out 54 and finds resistance their at its 50 day MA we will exit the position.